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XRP Lawsuit: Why Ripple Labs Need To Take a Drastic Move Now

In the ongoing XRP Lawsuit against US SEC, Ripple Labs might have defaulted in filing a Notice of Appearance for its counsel
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XRP Lawsuit: Why Ripple Labs Need To Take a Drastic Move Now

Highlights

  • Ripple Labs has defaulted in filing its counsel Acknowledgment and Notice of Appearance
  • The 2nd Circuit grants Ripple 14 days to make this filing
  • Ripple Labs not giving up in fight against US SEC

The XRP lawsuit is now elongated, with the appeal and cross-appeal from the US SEC and Ripple Labs, respectively. Earlier today, the US Appeals Court for the Second Circuit notified Ripple about a possible procedural default. This filing served as a warning to the blockchain payments firm not to exclude its attorneys in future Oral Arguments.

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XRP Lawsuit: Defaults and Second Chances

The XRP lawsuit is fast-paced and over the past month, there has been two unique instances of filing defaults. First the community thought the US SEC defaulted in filing Form C that would cement its appeal against Judge Analisa Torres’ Ripple lawsuit judgment.

The markets regulator eventually submitted the Form C statement last Thursday. Now, the table has turned with Ripple now in the spotlight over a default. Per the Second Circuit’s notice, Ripple is yet to file its Counsel Acknowledgment and Notice of Appearance. This document, per the Court was due on October 18.

Unlike the US SEC that did not miss the Form C filing deadline, the Court is giving Ripple Labs a 14-day grace. If it fails to file the required document in the XRP lawsuit, its attorneys might not get the chance to make oral arguments in the appeals case.

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Next Steps For Ripple Labs 

Ripple Labs has not breached any court’s due process known to the community yet, and unlikely to start now. When the US SEC filed the Form C statement last week, Ripple CLO Stuart Alderoty infiormed the community the firm will file its response this week.

The firm has its goals in the XRP lawsuit well defined. The company’s executives noted that the cross-appeal filed will help to put a final end to the SEC’s enforcement tactics. It is worth noting that the regulator has placed crypto assets in its list of exam priorities for 2025.

This case might help change the narrative in relation to enforcement to an extent, hence its importance.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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